Ada County Median Home Values Increase At A 'Sustainable' Pace

Ada County homeowners are receiving annual notices in the mail with their new property values. The county assessors office says the median value of a home went up 5.8 percent between 2013 and 2014.

Home values in Ada County continue to rise, but at a more sustainable pace than in recent years.

Credit Adam Cotterell / Boise State Public Radio

County Assessor Bob McQuade says the new median increase is tempered compared to the growth seen last year, which was a jump of about 14.5 percent. That means half of Ada County home values went more than 5.8 percent and half went up less.

"We're seeing three to five percent annualized increases, to me that's just nice sustainable growth," says McQuade. "There's just a lot of stability in the market right now."

However, it could mean property tax increases. McQuade says that's up to Ada County cities.

“If everybody kept their budgets the same, everyone’s taxes would stay about the same. But budgets can increase up to three percent, so perhaps everyone could see about a three percent increase.”

He says Meridian home values grew at the slowest pace in the county, at just 2.64 percent. Eagle – which has been a leader in home values in years past – also slowed down. The new leader in home value growth is the Boise Bench, which saw an increase of 8.7 percent.

If you own a home in Ada County, you may have received a letter in the mail last week from the county assessor’s office. And that letter probably said your property value had gone up, maybe even substantially.

That's good news for those wanting to sell their house or those who’ve been underwater on their mortgage. But the increases could mean higher taxes, and it could actually be bad news for the economy.

Property values in Idaho's most-populated county went up between 2013 and 2014 in a big way. This is the second year in a row Ada County's property values increased. Of course those increases are on the heels of four-straight years of decline after the housing bubble burst.